China Fund News reporter Feng Yao
After the official announcement of the establishment of a joint venture with Huawei at the end of November last year, Changan Automobile finally disclosed the latest progress.
html On May 6, Changan Automobile disclosed the progress announcement of the "Investment Cooperation Memorandum" previously signed with Huawei. In the announcement, Changan Automobile mentioned for the first time that the target company was "Shenzhen Yinwang Intelligent Technology Co., Ltd." (referred to as Yinwang Company) established by Huawei.
It is reported that Changan has completed due diligence. As for when the investment can finally be realized, the time node given by this central automobile enterprise is before August 31 this year.
Project progress has been delayed
On November 25 last year, Changan Automobile and Huawei signed an "Investment Cooperation Memorandum" and planned to jointly establish a joint venture focusing on the research and development, design, production, sales and service of automotive intelligent systems and component solutions. . According to the plan at the time, the shareholding ratio of Changan Automobile and related parties did not exceed 40%.
According to Huawei’s vision, Huawei will split its core automotive-related businesses and integrate them into the new company, and introduce multiple vehicle companies. At that time, this move was interpreted by the market as a major breakthrough in the independent market operation of Huawei Autobu (Huawei Smart Car Solutions).
After nearly half a year, Changan Automobile finally disclosed the progress of this major investment on May 6. The
announcement shows that all work on the project is currently being actively promoted. As of the date of the announcement, Changan Automobile has basically completed the financial, legal, business and technical due diligence investigations involved in this project. "Currently, the two parties are conducting further negotiations on key terms of the transaction."
Changan Automobile stated that due to the importance and complexity of the project and the need for all parties to the transaction to advance internal procedures, the project progress has been delayed to a certain extent compared with the memorandum estimate.
However, Changan Automobile also gave a time point: "Based on the latest project progress, the company expects to sign the final transaction documents no later than August 31, 2024."
Previously, there were rumors in the market that this equity cooperation was not going well. Zhu Huarong, chairman of Changan Automobile, subsequently mentioned this cooperation matter in public on many occasions, aiming to eliminate market concerns.
In January this year, Zhu Huarong said when talking about investing in Huawei Automobile Bu, "In the agreement between the two parties, Huawei promised not to engage in the vehicle business or the business of the new company." During this year's National Two Sessions, Zhu Huarong said again, Cooperation is progressing smoothly.
Moreover, during this year’s National Two Sessions, another central automobile enterprise, Dongfeng Motor Group, also became a potential investor. At that time, You Zheng, member of the Standing Committee of the Party Committee and Deputy General Manager of Dongfeng Motor Group, revealed that Dongfeng was working with FAW Group to actively promote the participation in Huawei's smart car solution business, and "it is expected that there will be a preliminary conclusion by June this year."
However, Dongfeng later told reporters that the group is still studying related investment matters and has not reached a final conclusion.
Target company: "Yinwang"
It is worth noting that Changan Automobile also publicly named the target company for investment as Yinwang Company for the first time. According to the original vision, the company will become a technology open platform with diversified equity in the future. According to
information, Huawei has completed the registration of Yinwang Company on January 16 this year, with a registered capital of 1 billion yuan. Its business scope covers automotive intelligent driving solutions, intelligent cockpits, intelligent vehicle digital platforms, intelligent car clouds, and ar -HUD and smart car lights and other fields.
Then in March this year, Yinwang Company established subsidiaries in Shanghai, Hangzhou, Dongguan, Nanjing, Suzhou and other places.
The outside world has been speculating before that Huawei will split its core car-related business and separate the core of the car business (i.e. to b business or hi model, which does not involve to c's smart car business or Hongmeng Zhixing ) Technology and resources are integrated into this new entity.
In fact, Huawei Automotive Division was established as early as May 2019. At that time, it was positioned as "Bosch" in the era of smart cars. On the one hand, this department sold parts to car companies, and on the other hand, it provided full-stack integrated solutions for car companies.In May 2021, after Yu Chengdong took over Huawei Automotive, in addition to parts and Huawei hi model, he planned a third business model-Smart Car Selection (later changed to Hongmeng Zhixing).
In September last year, Chebu’s management also changed. Jin Yuzhi, president of Huawei's optical product line, took over as CEO of Huawei's automotive bu, while Yu Chengdong was promoted to chairman of Huawei's automotive bu.
Since the end of last year, cooperation between Huawei and car companies has exploded. Regarding Changan Automobile, in addition to launching hi mode cooperation on the Avita , Huawei has also further joined hands with Changan's Deep Blue car.
On February 22 this year, Dongfeng's Warriors Technology and Lantu Automobile signed a strategic cooperation agreement with Huawei. The parties will share industrial resources and establish a long-term strategic partnership. During this year's Beijing Auto Show, GAC Trumpchi also officially announced its cooperation with Huawei and launched a joint innovation plan.
In addition, Huawei also released a new smart driving brand "Qiankun" on the eve of the Beijing Auto Show. In the field of intelligent driving, Qiankun ads 3.0 has brought improvements from the four dimensions of architecture, safety, scene, and parking. According to Huawei's plan, "Qiankun" and "Hongmeng Cockpit" will become the two core brands of Huawei's smart car solutions, and their importance is evident.
At that time, Huawei’s official Weibo @10 car brands were @arcfox, , Changan Automobile, Avita, Deep Blue Automobile, Lantu Automobile, Mengshi Technology, GAC Trumpchi, Hongmeng Zhixing, aito Automobile, Smart cars. This also initially demonstrates the huge territory of Huawei’s smart car business “circle of friends”.
Editor: Captain
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