The funding was slated to be used for the research and development, manufacturing, and sales services of vehicles under the group

The Chinese tech giant plans to focus on its device business over the coming year, while increasing the efficiency of its overall operations to counter geopolitical uncertainty

The smartphone giant’s chief Lei Jun said the company was aiming to become 'one of the world's top five automakers'

Earlier this month, BMW Group said it had received a test license for L3 self-driving on high-speed roads in Shanghai

A wave of Chinese EV makers are expanding in Europe amid slowing demand at home

The Japanese automaker is joining foreign brands like Tesla and BMW that are expanding their exports of China-made cars to exploit the country's lower manufacturing costs

France's revamped rules on EV subsidies include a new criteria for eligibility — the amount of carbon emitted in the making of cars, which is reportedly much higher in China

The move by Huawei comes as global automakers in China increasingly seek to partner with Chinese carmakers

Prices of the key EV battery metal have already tumbled close to 80% this year with supply outpacing the rise in demand

Huawei has said the new unit will engage in R&D, production, sales and service of intelligent automotive systems and component solutions

A unit of Beijing-based automaker BAIC has proposed to make two versions of Xiaomi's first-ever electric vehicle — the SU7 and the SU7 Max

The automaker said it expects the car to touch an electronically limited top speed of 260.7 kmph but did not reveal an estimate on the range offered