Anhui Jianghuai Automobile Group
Assembly Line
Automaker JAC to Raise Nearly $700 Million to Fund Project With Huawei
State-owned Anhui Jianghuai Automobile Group Corp. Ltd. (JAC) is aiming to raise 4.9 billion yuan ($698.4 million) through a share placement (link in Chinese) to fund its automaking project with Huawei Technologies Co. Ltd. The luxury brand, named Zunjie in Chinese, is part of Huawei’s Harmony Intelligent Mobility Alliance, through which the Chinese tech giant supplies partner automakers with smart driving technologies. JAC is building a dedicated plant to produce the new cars and sources told Caixin the first model planned under the brand is set to be released next year.