(Yicai) Oct. 8 -- JAC Motors has confirmed for the first time that the Chinese auto manufacturer is in discussions with tech giant Huawei Technologies and Dutch carmaker Stellantis about a potential cooperation. However, the scope and structure of any tie-up have yet to be determined and no legally binding agreement has been signed.

JAC Motors also said in the announcement made on Sept. 30 that, following an internal review and verification with its controlling shareholder, as of the date of the announcement, there were no major matters that should have been disclosed but have not been disclosed.

Reuters reported on Sept. 4, citing two sources, that Stellantis was in talks with Shenzhen-based Huawei and JAC Group over a long-term industrial cooperation involving its struggling luxury brand Maserati. Stellantis CEO Antonio Filosa told Italian business newspaper Milano Finanza that the talks were at an advanced stage and revolved around potentially using Huawei’s Harmony Intelligent Mobility platform for Maserati. The plan reportedly aims to start production ⁠of the first jointly developed vehicle by the end of next year.

The potential partnership could also include a dual-branding strategy, with a vehicle marketed under JAC’s Maextro luxury marque in China and under the Maserati brand in international markets.

But JAC Motors’ latest announcement did not confirm if the possible tie-up would involve Maserati, Maextro or any other specific model.

JAC Motors’ share price [SHA: 600418] plunged by the exchange-imposed limit of 10 percent at CNY24.72 (USD3.70) today. Between Sept. 28 and Sept. 30, the three days before the seven-day National Day holiday began, the Hefei-based firm’s share price rose sharply, with the cumulative deviation from the relevant market index exceeding 20 percent.

JAC Motors logged a net loss attributable to shareholders of CNY749 million (USD11.7 million) the first six months, according to its semi-annual financial report released on Aug. 20. Excluding non-recurring items and losses, its net loss was CNY991 million.

Hoofddorp-based Stellantis was formed in 2021 through the merger of Fiat Chrysler Automobiles and Peugeot Citroën Group. Its portfolio includes Maserati, Jeep, Peugeot, Fiat and other car brands.

Editor: Kim Taylor