AVATR Technology to acquire a 10% stake in Yinwang from Huawei for $1.6bn.

AVATR Technology, a Chinese electric automotive manufacturing company, agreed to acquire a 10% stake in Yinwang from Huawei, a Chinese multinational digital communications technology conglomerate corporation, for $1.6bn. "Avatr is Huawei's pioneering practice in helping automakers to 'build good' cars and 'good cars'. This time Avatr Technology's investment in Yinwang and becoming a strategic investor of Yinwang is a great achievement for Huawei. This is a key step in building Yinwang into an open platform for intelligent automobile industry," Xu Zhijun, Huawei Rotating Chairman.