Avatr

Newcool's business scope will cover full-stack solutions for smart cars and is expected to grow into China's largest smart car solution provider, analysts said.

After the transaction, Avatr will hold a 10 percent stake in Newcool, while Huawei will hold 90 percent.

The Avatr 012 is expected to be based on the Avatr 12 electric sedan to target fashion-conscious potential customers.

Previously, 90 percent of Avatr's stores have been converted from directly-managed stores to dealerships, with only a few directly-managed stores remaining in a few cities.

Avatr will enter more than 40 countries in Southeast Asia and the Middle East, aiming to open more than 90 officially authorized stores and will also enter the European market, it said.

The Avatr 07 will be Avatr's third model after the Avatr 11 SUV, Avatr 12 sedan and will be its first model that will be offered in both BEV and EREV variants.

Avatr has approached HiPhi and may have struck a partnership deal, with the two now reorganizing their teams, according to local media.

The Avatr 12 uses Huawei's Huawei Inside solution, featuring some components and assisted driving feature from the tech giant.

Avatr is offering a new version of its Avatr 11 SUV available for this month only at a starting price of RMB 250,000, down from RMB 300,000 for the model's previous entry-level version.

The computing unit, called the MDC 810, powers advanced driver assistance systems, according to Reuters.