AsianFin -- Huawei's joint electric vehicle brand with Chery said Thursday it will invest more than 10 billion yuan ($1.39 billion) and expand its research and development team to 5,000 people.

The company did not disclose a timeline for the investment, which it said is intended to reinforce its technological edge, according to a post on its official WeChat account.

A new company has also been established to integrate production, sales, and services.