JAC Motors has confirmed it is holding preliminary talks with Huawei and Stellantis about a possible cooperation, but cautioned that no binding agreement has been signed and that the outcome remains highly uncertain. The confirmation came in a stock exchange filing on September 30, after a week of intense market speculation pushed the company's share price up sharply.
According to the filing, JAC (600418.SH) saw its shares rise by more than 20% over three consecutive trading days from September 28 to 30, triggering an abnormal trading alert. The company said it had verified with its controlling shareholder and actual controller that recent media reports about a possible tie-up with Huawei and Stellantis had driven the rally. Over four trading days, JAC shares hit the daily limit three times, closing at 25.22 yuan (about $3.55) per share.
The speculation centers on a three-way project involving Maserati, the ultra-luxury brand owned by Stellantis, Huawei, and JAC. Reports in Italian and industry media suggest the partners plan to develop new-energy vehicles based on Huawei's Harmony Intelligent Mobility platform, with a first sporty SUV targeted for mass production by the end of 2027. Under the reported plan, Huawei would lead core technology development, JAC would handle manufacturing, and the vehicles would carry the Zunjie brand in China while using the Maserati badge overseas—a so-called 'same car, two badges' strategy. Some reports said an official announcement could come at a Maserati investor day in Modena, Italy, in December.
However, JAC's filing struck a cautious tone, explicitly stating that the content and form of any cooperation are undecided and that no binding formal agreement has been signed. The company warned of 'significant uncertainty' about further progress, issuing three risk warnings in its statement.
Long-running rumor
This is not the first time such speculation has surfaced. In May, reports emerged that Huawei, JAC, and Maserati were in talks, with the project jokingly dubbed 'Ma Jie' in Chinese media. In early September, Italian outlet Milano Finanza and other foreign media picked up the story, reigniting interest. Stellantis has declined to comment, and Huawei has not publicly confirmed the discussions.
For JAC, a successful partnership would mark a significant step into the premium EV segment, leveraging Huawei's software and smart-driving expertise and Maserati's brand cachet. For Stellantis, it would offer a faster route to electrified luxury models using Chinese technology. But as the filing makes clear, the talks are still at an early stage, and the deal is far from done.
