Changan Auto's venture Avatr completes $80m tech transfer payment

Chongqing Changan Automobile announced that its associated company, Avatr Technology, has completed the second phase payment of RMB 575 million ($80M USD) to Huawei, in accordance with the equity transfer agreement. This agreement relates to Avatr's acquisition of a 10% equity stake in Huawei’s automotive intelligent systems unit, HiSilicon. The total cost of this purchase is RMB 11.5 billion, as previously announced in August 2024. With the payments completed, the company plans to integrate Huawei technology. The company believes the agreement represents a milestone and will accelerate its competitive advantages in car intelligent solutions, boosting both Avatr Technology's and Changan Auto's development. Changan Auto stated the transaction won't affect its consolidated financial statements or operations.