Huawei Technologies Co. plans to invest $1 billion on researching self-driving and electric-car technologies, accelerating plans to compete with Tesla Inc. and Xiaomi Corp. in the world’s biggest vehicle arena.
Huawei’s autonomous-driving technology has already surpassed Tesla’s in some ways, for instance by allowing cars to cruise for more than 1,000 kilometers (621 miles) without human intervention, Rotating Chairman Eric Xu told analysts in Shenzhen on Monday.
The Chinese telecom giant will partner with three automakers initially to make self-driving cars that carry the Huawei name as a sub-brand, said Xu, one of three executives who take turns to fill