On November 25, 2023, Chongqing Changan Automobile signed a memorandum of investment cooperation with Huawei Technologies. Huawei proposes to establish a company specializing in the research, design, production, sales, and service of intelligent automotive systems and components solutions. The companies plan to invest in the target company and carry out strategic cooperation to support the target company to become a leader in the smart automobile systems and component solutions industry that is based in China, serving the global industry. On January 16, 2024, Huawei completed the registration of the target company, whose business scope mainly includes automobile intelligent driving solutions, automobile intelligent cockpit, smart automobile digital platform, intelligent automobile cloud, AR-HUD, and intelligent automobile lights. The specific business scope is subject to the final transaction document. Currently, all aspects of this project are actively progressing. As of the date of this announcement, the company has basically completed the due diligence of finance, law, business, and technology related to this project. Currently, both parties are further negotiating the key terms of the transaction. Due to the importance and complexity of the project and the need for internal procedures of the various parties to proceed, the project's progress is delayed compared to the estimated time in the memorandum. Based on the latest project progress, the company expects to sign the final transaction document no later than August 31, 2024.