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China's SAIC, Huawei to Partner in Developing New Smart EVs

FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
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China's SAIC, Huawei to Partner in Developing New Smart EVs

FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)

Chinese automaker SAIC Motor said on Friday it would partner with tech company Huawei to develop new "globally competitive" smart electric vehicles.
The tie-up sees yet another state-owned automaker betting on partnerships with Huawei, which has risen to prominence as a supplier of smart driving technologies, to boost EV sales, Reuters reported.
"The strategic cooperation between SAIC and Huawei will further leverage their respective advantages and promote China's automotive industry to a new level in the intelligent era," SAIC said in the statement.
The deal signed on Friday provides for the two companies to cooperate strategically on manufacturing, supply chain management and sales services, SAIC said in a statement, without revealing the marquee of the co-developed lineup.
The state-owned automaker reported a decline of 20% last year in overall vehicle sales, amid a brutal price war and bruising competition in the world's largest auto market.
Its venture with Volkswagen saw sales down 5.5% while SAIC-GM's sales slumped 56.5%.
SAIC, hit with the EU's steepest extra tariffs of 35.3%, also suffered a slide of 14% in overseas shipments in 2024.
The deal adds to Huawei's expanding partnerships with state-owned automakers such as Changan, Dongfeng and BAIC Motor.
Changan set up a joint venture with Huawei and battery maker CATL in 2022 to make Avatr EVs, the sales of which more than doubled in 2024 on the year.
Dongfeng-backed Seres more than tripled its annual sales of Aito-branded cars in 2024, with the best-selling models equipped with Huawei's advanced driver assistance systems and sold in the tech firm's showrooms nationwide.
Huawei and BAIC launched their first EV under the joint brand Stelato in August.

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Trump Touts ‘Done’ Deal with Beijing on Rare Earths, Chinese Students

In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
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Trump Touts ‘Done’ Deal with Beijing on Rare Earths, Chinese Students

In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)

US President Donald Trump touted ties with China as "excellent" on Wednesday, saying the superpowers reached a deal after two days of talks aimed at preserving a truce in their damaging trade war.  

Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for American industries -- while Washington would allow Chinese students to remain in US universities.  

His post came after top United States and Chinese negotiators announced a "framework" agreement late Tuesday following two days of marathon talks in London. 

"Our deal with China is done," Trump wrote, adding that the agreement was still "subject to final approval with President Xi (Jinping) and me." 

"President XI and I are going to work closely together to open up China to American Trade," he said in a second post. "This would be a great WIN for both countries!!!"  

US stock markets showed little enthusiasm despite Trump's statements, but major indexes edged higher in early trading.  

- 'Candid' talks -  

US Treasury Secretary Scott Bessent said Wednesday that it was possible to rebalance economic relations with China if Beijing proved a "reliable partner in trade negotiations."  

"If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's two largest economies is possible," Bessent told lawmakers at the House Ways and Means Committee.  

The two sides agreed to reduce their tit-for-tat, triple-digit tariffs during talks in Geneva last month, but cracks appeared in the detente after Trump accused China of violating the deal.  

Washington was concerned at slower supplies of rare earths after Beijing in early April began requiring domestic exporters to apply for a license -- widely seen as a response to US tariffs.  

Rare earths are used in everything from electric vehicles to hard drives, wind turbines and missiles.  

US Commerce Secretary Howard Lutnick said in London on Tuesday that US measures imposed when rare earths "were not coming" would likely be relaxed once Beijing moved forward with more license approvals.  

On Truth Social, Trump said China will supply "full magnets, and any necessary rare earths" up front.  

Washington has infuriated Beijing by vowing to revoke the visas of Chinese students, a major source of revenue for US universities.  

On Wednesday, Trump said: "We will provide to China what was agreed to, including Chinese students using our colleges and universities."  

The US president also said that the United States applies 55 percent tariffs on Chinese goods -- a combination of his 30 percent additional levies this year and the rough average of pre-existing duties, a White House official said.  

He said Beijing charges 10 percent duties on US goods.  

The rates are the same as those that were previously agreed in the truce, which temporarily brought US tariffs down from 145 percent and those imposed by China from 125 percent.  

In a Chinese state media readout of the talks released Wednesday, Vice Premier He Lifeng, who headed Beijing's team in London, stressed the need for the two sides to strengthen cooperation in future dialogue.  

"As a next step, the two sides should... continuously enhance consensus, reduce misunderstandings and strengthen cooperation," He said, according to state broadcaster CCTV.  

Speaking to reporters in London, China International Trade Representative Li Chenggang earlier said: "Our communication has been very professional, rational, in-depth and candid."