Huawei, a Chinese multinational technology corporation, and Changan Automobiles, a Chinese automobile manufacturer, agreed to form a joint venture to engage in research and development, production, sales and service of intelligent automotive systems and component solutions. Financial terms were not disclosed. The new company will work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry. The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions in China," Yu Chengdong, Huawei Managing Director.