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Aug 7, 09:46 AM
Huawei and Chery Inject $1.4 Billion Into Luxeed to Challenge Tesla
China
Automobile
Business
World

Huawei and Chery Inject $1.4 Billion Into Luxeed to Challenge Tesla

Authors
  • First Squawk
  • Investing.com News
  • Herbert Ong
10

Huawei Technologies and Chery Automobile said they will pour more than RMB 10 billion (about US$1.39 billion) into their jointly developed electric-vehicle marque Luxeed as it enters what the partners call “Phase 2.0.” The outlay will fund expanded research and development and boost Luxeed’s engineering workforce to about 5,000 people, underscoring the ambitions of Chinese technology and auto groups to move up the EV value chain. The fresh capital intensifies pressure on Tesla, whose China deliveries fell 8.4% year-on-year in July. Separately, the U.S. carmaker is reshaping its Dojo supercomputer supply network, choosing Samsung Electronics to fabricate its next-generation Dojo 3 artificial-intelligence chips and Intel to handle advanced packaging, reducing reliance on long-time foundry partner Taiwan Semiconductor Manufacturing Co. Domestic rival Nio is also accelerating. Its mass-market sub-brand Onvo has told staff it aims to hand over more than 10,000 L90 sport-utility vehicles in August, while Nio itself has hired roughly 800 additional sales staff ahead of the planned 20 August debut of its third-generation ES8 SUV. The series of moves by Chinese incumbents and global players alike highlights the escalating competition in the world’s largest electric-vehicle market.

Written with ChatGPT .

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