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

China seems poised to the end the year on a high too, with the final two months of the year seen as seasonally high for vehicle sales

The carmaker has said it is still looking for the right location and would make an announcement at the end of the year

Berkshire’s latest stake sale in BYD came on the heels of the EV-maker’s financial results this week, in which the carmaker reported its highest-ever quarterly profit

The electric vehicle giant continues to preserve its domestic market leadership despite softer demand and increased competition

France’s decision — which follows an EU investigation into Chinese state subsidies for EV production — is aimed at reducing the country’s carbon footprint through imports, an official said

Among major backers of the chip designer is smartphone giant Xiaomi, which won approval last month from China's state planner to manufacture electric vehicles

Shares of the still loss-making automaker have rallied more than 333% over the past five days, reaching a valuation of roughly $190 billion