U.S. markets open in 3 hours 5 minutes
  • S&P Futures

    4,137.25
    +9.50 (+0.23%)
     
  • Dow Futures

    33,759.00
    +50.00 (+0.15%)
     
  • Nasdaq Futures

    13,775.50
    +25.25 (+0.18%)
     
  • Russell 2000 Futures

    2,243.70
    +15.40 (+0.69%)
     
  • Crude Oil

    61.50
    +0.07 (+0.11%)
     
  • Gold

    1,785.80
    +3.80 (+0.21%)
     
  • Silver

    26.16
    -0.02 (-0.08%)
     
  • EUR/USD

    1.2055
    +0.0038 (+0.31%)
     
  • 10-Yr Bond

    1.5540
    0.0000 (0.00%)
     
  • Vix

    18.31
    +0.81 (+4.63%)
     
  • GBP/USD

    1.3878
    +0.0036 (+0.26%)
     
  • USD/JPY

    107.8920
    -0.0680 (-0.06%)
     
  • BTC-USD

    49,367.97
    -4,434.07 (-8.24%)
     
  • CMC Crypto 200

    1,130.97
    -112.08 (-9.02%)
     
  • FTSE 100

    6,902.73
    -35.51 (-0.51%)
     
  • Nikkei 225

    29,020.63
    -167.54 (-0.57%)
     

Chinese telecoms firm ZTE preparing electric vehicle product line

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
A delivery man uses a phone near a building of China's ZTE Corp in Beijing
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

SHENZHEN, China (Reuters) - Telecoms equipment maker ZTE Corp is joining a number of Chinese technology companies entering the electric vehicle market as it looks to build a team for a new product line, a company spokeswoman told Reuters.

The Shenzhen-based company did not say whether the product line will supply parts for partner companies, or whether the company would be producing its own branded vehicles.

Chinese technology firms have been stepping up their focus on electric vehicles (EVs) in the world's biggest car market, as Beijing promotes greener vehicles as a means of reducing air pollution.

Earlier this month Reuters reported that ZTE's rival Huawei Technologies Co Ltd is planning to make EVs under its own brand and could launch some models this year.

A Huawei spokesman denied it had EV ambitions of its own, beyond supplying technology to partners.

Asian technology companies, including Baidu, have announced plans to make their own cars, while Shenzhen-based dronemaker DJI is building an engineering team to work on self-driving technologies.

Sales of new energy vehicles (NEVs), including pure battery electric vehicles as well as plug-in hybrid and hydrogen fuel cell vehicles, are expected to make up 20% of China's overall annual auto sales by 2025.

Industry forecasts put China's NEV sales at 1.8 million units this year, up from about 1.3 million in 2020.

(Reporting by David Kirton, editing by Louise Heavens)