Huawei sets up new smart car company

Reportedly, Huawei has now set up a separate smart car unit, to accelerate the automotive world. The company incorporated Shenzhen Yinwang Intelligent Technology Co Ltd in the southern Chinese city of Shenzhen, where Huawei is based.

The new firm is wholly owned by Huawei and will focus on the “manufacturing and sales of intelligent car systems and equipment,” according to Tianyancha and Qichacha, two corporate data providers in China.

As per the latest report from CNN, the new business has registered initial capital of 1 billion yuan (about $140.5 million) and shares the same address as Huawei’s headquarters.

The Chinese group originally made its name as a tech and telecoms giant, selling smartphones, consumer devices and network equipment. But it has been hobbled in recent years by US export restrictions, which sent the company into a tailspin. More recently, it has made no secret of its ambition to make a comeback.

According to a filing made to the Shenzhen stock exchange by Chongqing Changan Automobile Co, Huawei would set up the firm, which would focus on digital platforms inside the car and other automotive systems and components.

Huawei currently offers a software system for vehicles called HarmonyOS for Automotive, which is designed to sync with its mobile operating system of the same name and “create a seamless experience across nearby devices,” according to the company.