Asia Tech Wire (July 3) -- Huarong Zhu, chairman of Chongqing Changan Automobile, said Wednesday that the formation of a joint venture with Huawei is progressing in an orderly manner.

Zhu said, "Due to the heavy workload, Changan Automobile is a listed company, and there is an agreement with Huawei, we can't say it's finalized until the day of signing."

He revealed that if approved, its high-end electric vehicle division Avatar will also participate in the new joint venture project.

Earlier Changan said in an announcement that it expects to sign final transaction documents with Huawei no later than August 31, 2024.