50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Huawei says Chery's Luxeed S7 premium EV starts mass delivery

Published 03/30/2024, 12:48 AM
Updated 03/30/2024, 12:50 AM
© Reuters. FILE PHOTO: A view shows a car logo of Chinese automobile manufacturer Chery at a dealership in Vladivostok, Russia, March 22, 2023. REUTERS/Tatiana Meel/File Photo
USD/CNY
-
WB
-

BEIJING (Reuters) - The Luxeed S7 electric sedan, developed by Chinese tech giant Huawei and Chery Auto, has started mass delivery after a shortage of semiconductors and production issues delayed production and delivery, a Huawei executive said on Saturday.

"A large number of Luxeed S7 vehicles have already rolled off the production line and are now being transported for delivery to customers," Richard Yu, managing director and chairman of Huawei's smart car solutions, posted on the Weibo (NASDAQ:WB) social media platform.

Huawei had said problems delivering the premium brand electric vehicle (EV) should be resolved from April, local media reported this month.

Chery had lodged complaints with Huawei over how production issues with a computing unit made by the tech company had caused delays to deliveries of the vehicles, Reuters reported in January.

The S7 sedan - the first model for Chery's Luxeed EV brand - had orders of about 20,000 as of Nov. 28. It is priced from 249,800 yuan ($34,600).

Huawei's revenues grew the fastest in four years in 2023, with a rebound in its consumer segment and income from new businesses like smart car components accelerating its recovery from U.S. sanctions.

© Reuters. FILE PHOTO: A view shows a car logo of Chinese automobile manufacturer Chery at a dealership in Vladivostok, Russia, March 22, 2023. REUTERS/Tatiana Meel/File Photo

Last year Huawei announced it would spin off the smart car unit into a new company. Yu said this month the unit would likely turn a profit from April after losing billions of yuan in the past year, local media reported.

($1 = 7.2203 Chinese yuan renminbi)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.