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4/12/2021, 1:44 PM (Source: TeleTrader)
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Huawei to invest $1B in EV technology

Huawei Technologies Inc. plans to invest $1 billion in research and development of self-driving and electric car technology, said the company's rotating chairman Eric Xu during Huawei's Global Analyst Summit on Monday.

Xu stated that Huawei's current self-driving vehicle technology had surpassed Tesla's, noting that the company's cars can cruise without any human guidance for over 621 miles. He added that the EV business will bloom even if the company doesn't enter the global market, provided it earns an average of 10,000 yuan a year from each car sold domestically.

Huawei's foray into EV technology is one of several key topics Xu discussed during the Summit, where he has also touched upon the company's advancements in 6G telecommunications technology and its availability to the public.

Baha Breaking News (BBN) / IV