- Luxeed will invest over RMB 10 billion ($1.4 billion) and increase its R&D team to 5,000 people.
- A dedicated NEV company for Luxeed has been established, with production, sales, and services operating independently.
Huawei and Chery today signed a new cooperation agreement to bring their jointly created new car brand Luxeed to the "Phase 2.0."
The two companies signed the agreement today in Shenzhen, where Huawei is headquartered. Huawei executive director and chairman of the consumer business group Richard Yu and Chery chairman Yin Tongyue witnessed the signing, according to Luxeed.
Luxeed will invest over RMB 10 billion ($1.4 billion) and expand its R&D team to 5,000 people to strengthen its technological leadership, the brand said.
A new energy vehicle (NEV) company dedicated to Luxeed has been established, with production, sales, and services operating independently to provide a better service experience, it said.
Multiple new products are set to launch, with a more diverse product portfolio set to inject strong momentum into the brand's long-term development, Luxeed said.
Luxeed launched the Luxeed S7 pure electric sedan on November 28, 2023, marking its first model.
On September 24, 2024, Luxeed rolled out its second model, the Luxeed R7, which is the first coupe SUV under Huawei's HIMA (Harmony Intelligent Mobility Alliance) business.
On August 5, Luxeed announced that it would begin pre-sales of updated versions of the S7 and R7 on August 8. The official launch of these two models is expected in September, according to local media outlet LatePost.
The latest agreement marks Chery's increased commitment to the joint brand to leverage its greater brand potential.
Local media outlet 21jingji reported on August 5 that Luxeed is developing an MPV (multi-purpose vehicle) model, which is expected to be the first MPV under the HIMA business.
The new model is based on Chery's E0X-L platform and has the internal code name "EHV," according to the report.
Meanwhile, Chery has halted development of its Exeed Sterra E08 MPV, with some project team members transferred to Luxeed to bolster its MPV R&D capabilities, the report cited a source close to Chery as saying.
If Luxeed's EHV is launched as scheduled in the first half of next year, it is expected to become the first MPV under the HIMA business, 21jingji noted in its report.
In addition to Luxeed, the HIMA business unit includes four other brands: Stelato under BAIC Group, Aito under Seres Group, Shangjie under SAIC Motor (SHA: 600104), and Maextro under Anhui Jianghuai Automobile Group (JAC).
($1 = RMB 7.1778)
