Huawei is ?? ?? ??planning to spin off the firm’s automotive business unit at a valuation of RMB 250 billion ($35 billion), seeking funds from the government of China’s southwestern municipality of Chongqing and state-owned automaker Changan Automobile. Sources informed Chinese financial media outlet Yicai, reported on Thursday, that Chongqing’s state assets regulator, the city’s state-owned assets supervision and administration commission, will be the biggest shareholder of Huawei’s Intelligent Automotive Solution (IAS) business unit. Meanwhile, Chongqing-based Changan, a manufacturing partner of Ford and Mazda, will obtain 15% of shares in the entity for RMB 37.5 billion, making it the sole carmaker participating in the financing, the report said. Changan has collaborated with Huawei for years, jointly establishing Avatr, a premium electric vehicle brand, with Chinese battery supplier CATL back in late 2020. A Changan spokesperson denied the report to Yicai on Friday. Huawei did not respond to TechNode’s requests for comment. [Yicai, in Chinese]