Chinese automaker FAW to acquire stake in Zhuoyu
Photo: Reuters
Chinese automaker FAW Jiefang Group Co Ltd (FAW) has signed a deal to acquire a stake in local driving assistance technology firm Zhuoyu, according to China’s market regulator. The notice, published on Monday, is seeking public comment on the investment through October 1.
FAW plans to purchase shares currently held by New Territory Technology Company. Following the deal, FAW will hold a 35.8% stake in Zhuoyu, while New Territory’s stake will decrease from 70.65% to 34.85%, News.Az reports, citing Reuters.
The move signals FAW’s growing interest in smart driving and automotive technology, as the company positions itself in China’s rapidly evolving auto market.
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