Huawei approaches Audi, Mercedes about smart car investment | Reuters News Agency
AutomotiveTechnology
11 December 2023, 4:55 am 1 minute
Reuters exclusively reported that China’s Huawei Technologies has asked Mercedes Benz (MBGn.DE) and Volkswagen’s Audi if they are interested in buying small stakes in its smart car software and components firm, according to three people with knowledge of the discussions.The move is aimed at expanding its partnerships beyond Chinese brands, they said. Huawei (HWT.UL), the target of U.S. sanctions since 2019, also hopes the presence of foreign investors would help defend the business from potential further geopolitical tensions, according to one of the sources who was briefed on the matter.
Market Impact
Sources have previously said the unit will be valued at somewhere between $28 billion and $35 billion. Huawei held preliminary talks with Mercedes in recent weeks, according to two sources. One source said the German auto brand was offered a 3% to 5% stake with the valuation to be negotiated.
Article Tags
Topics of Interest: AutomotiveTechnology
Type: Reuters Best
Sectors: Technology
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
