(Source: CnEVPost)

Digital Energy Technology Co, a subsidiary of Chinese tech giant Huawei, was established on June 7 with Huawei Vice Chairman Hu Houkun as the legal representative, according to data provider Qichacha.

It has a registered capital of RMB 3 billion ($469 million) and is 100 percent owned by Huawei.

The company's business scope includes research and development of online energy metering technology, emerging energy technologies, energy recovery systems, and electromechanical coupling systems and the sales of charging piles and battery swap facilities for new energy vehicles.

(Source: Qichacha)

Huawei has invested in the research and development of power products since its inception, which are now used in more than 170 countries and regions, serving one in third of the world's population.

This is Huawei's latest move in the new energy vehicle industry.

Rumors of Huawei building cars had previously been circulating at times previously. Late last month, the company reiterated its stance in order to reassure China's increasingly competitive electric vehicle industry.

Huawei's long-term strategy of not building cars was made clear in 2018 and has not changed, it said in a statement.

"We believe that what the industry needs is not Huawei-branded cars, but Huawei's ICT technology capabilities accumulated over three decades in order to help car companies build future-proof cars," the statement said, adding, "That is, we provide car companies with smart networked based on Huawei's ICT capabilities car components."

First model sold in Huawei channel begins delivery