Market Chatter: GAC Ties Up With Huawei to Set Up Luxury NEV Subsidiary; Hong Kong Shares Down 4%

MT Newswires Live03-21 05:03

Guangzhou Automobile Group (SHA:601238, HKG:2238) or GAC partnered with Huawei Technologies to establish a subsidiary that will launch a new luxury vehicle brand, Yicai Global reported Thursday, citing GAC's post on WeChat on Tuesday.

The venture, Huawang Automotive Technology Guangzhou, will introduce a smart NEV priced about 300,000 yuan, an insider told the media outlet.

The Chinese automobile maker will inject 1.5 billion yuan into the venture, the report said.

GAC's Hong Kong shares dropped over 4% and A shares fell over 1% 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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