Guangzhou Automobile Group (HKG:2238, SHA:601238) or GAC signed a cooperation deal with tech company Huawei Technologies to develop a premium smart new energy vehicle brand, Yicai Global reported Monday.
The deal, which was signed on Nov. 30, will leverage the automobile maker's strength with Huawei's in the area of smart connected vehicles and smart manufacturing, GAC reportedly told Yicai.
The partnership aims to boost across-the-board collaboration in product development, marketing, and ecosystem services, according to the report, citing GAC.
GAC's Shanghai shares surged almost 10% and Hong Kong shares fell less than 3% in recent trade.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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