Shanghai (ZXZC)- Chery Holding said the strategic cooperation with Haier Group, a Chinese multinational home appliances and consumer electronics company, has been further firmed up following the registration of a joint venture.

Founded on August 6, the joint venture, named Anhui Haixingyun Internet of Things Technology Co.,Ltd., involves a registered capital of 50 million yuan ($7.72 million). It is 51% owned by Wuhu Chery Information Technology Co.,Ltd., whose majority shareholder is Chery Automobile Co.,Ltd., and 49% held by Haier Digital Technology (Qingdao) Co.,Ltd.

Chery Holding, Haier Group signing agreement in April; photo credit: Chery Holding

According to Chery Holding, the joint venture will utilize COSMOPlat, Haier's in-house developed industrial Internet platform, to develop the first large-scale customized industrial Internet platform for automotive industry, pivoting on AI-enabled public data platform, Internet of Things (IoT) technical services, operation and maintenance of information system, data processing and storage.

The company also noted the joint venture will leverage Chery's expertise and influence in digital transformation and auto manufacturing business, and make use of COSMOPlat's business models, technical capabilities, ecosystem resources, and brand familiarity for industrial Internet platform to work on the R&D, sale, operation, and maintenance of automotive IoT applications.

Chery Holding and Haier Group signed in April a framework agreement for the strategic cooperation on building an IoT platform for the automotive industry.