GAC Group, a Chinese state-owned automaker, saw its shares surge dramatically on Monday, soaring as much as 20.81% in intraday trading. This substantial stock movement was fueled by the company's announcement over the weekend of an electric vehicle partnership with tech giant Huawei.
The collaboration, unveiled on Saturday, will involve the launch of a new EV brand targeting the premium market. Huawei's advanced technology and expertise will be leveraged to develop the high-end electric vehicles, aimed at capitalizing on the growing demand for premium EVs in China.
GAC Group's shares were boosted by this strategic partnership, with analysts citing the deal as a positive development for the automaker, which has faced sluggish sales and weak financial performance in recent quarters. The collaboration with Huawei is expected to bolster GAC Group's position in the competitive EV market and enhance its technological capabilities.
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