On December 31, Brilliance Auto issued an announcement stating that its indirect wholly-owned subsidiary, Shenyang Jinbei Automotive Industry Holding Co., Ltd. (hereinafter referred to as "Jinbei Auto Holding"), entered into a joint venture agreement with TCL Hengshi Tianrui Investment (Ningbo) Co., Ltd. (hereinafter referred to as "TCL Ningbo"). The two parties will establish a joint venture to carry out the business of smart cockpit and display components in China.
It is understood that the joint venture will primarily focus on developing artificial intelligence software, providing cloud computing equipment technology services, information system integration services, technical consulting services, software outsourcing services, and selling smart manufacturing solutions, automotive hardware and software, and electronic components.
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According to the joint venture agreement, the joint venture will be jointly owned by Jinbei Automotive Control and TCL Ningbo, each holding a 50% stake. The total capital commitment of the joint venture will be RMB 1.4 billion, of which RMB 700 million will be contributed by Jinbei Automotive Control in cash, and RMB 700 million will be contributed by TCL Ningbo in a combination of cash and asset injection.
Brilliance Auto stated that, in line with its business strategy of expanding into intelligent automotive solutions, it has been seeking to develop intelligent driving and cockpit integration services and incorporate them into its automotive products to enhance functionality and create a better experience for drivers. Brilliance Auto has chosen TCL Industries as its partner to jointly develop intelligent electronic components and systems for integration into its vehicles and sales to third parties.
Brilliance Auto expects the joint venture to help further drive its development and bring stable and sustainable growth to the company in the long run. (Source: WitsView)
