Chinese state-owned automaker Jianghuai Automobile Group (JAC) plans to raise up to CNY4.9bn (US$695m) through a share placement to fund the production of luxury smart battery electric vehicles (BEVs) in partnership with domestic technology company Huawei Technologies Company, according to local reports this week.
JAC and Huawei plan to launch a new luxury BEV brand, called "Zunjie”, under Huawei’s Harmony Intelligent Mobility Alliance - which provides partner automakers with smart driving technologies. The two companies announced last December they had agreed to join forces in the development, production and sale of a range of new high-end BEVs.
JAC is building a dedicated plant in Anhui province to produce its Zunjie-branded vehicles, with the first model expected to be launched next year. The vehicles will be marketed initially in China, with exports to follow later on.
Reports in August suggested JAC was accelerating its recruitment drive for the Zunjie project, targeting professionals in areas such as quality control.
Huawei has partnership with three other domestic automakers for its Harmony Intelligent Mobility Alliance programme, including Seres’ Aito unit, Chery Automobile’s Lexeed brand and BAIC Group’s Stelato brand.
