AI-generated concept of 'MaJie' (for illustrative purposes only)

The automotive world has been abuzz, and capital markets on edge, over whispers of a groundbreaking tripartite alliance involving Huawei, JAC Motors, and the iconic luxury marque Maserati.

For more than two weeks, these rumors have swirled online, fueled by leaks and unverified reports, causing JAC Motors' stock price to soar. Finally, on the evening of September 30th, JAC Motors broke its silence, issuing its first official statement on this high-profile, cross-border luxury collaboration.

The response was clear and direct, yet it also served to temper the market's feverish expectations.

01 Official Acknowledgment: Discussions Underway, But No Final Decisions

This confirmation came buried within JAC Motors' announcement regarding unusual stock trading activity that evening. It marks the company's first authoritative statement on the alleged Maserati partnership.

Source: JAC Motors Announcement

Let's distill the key points and unpack the most critical information:

1. Contact and Intent Exist: Huawei, JAC Motors, and Maserati's parent company, Stellantis, have indeed engaged in discussions. These are not mere internet rumors.

2. Early Stages: Currently, the talks remain in the "verbal" phase. No cooperation model, content, or division of labor has been finalized, nor have any legally binding agreements been signed.

3. Significant Uncertainties: The success, form, and timeline of any potential collaboration are all subject to considerable uncertainty.

In layman's terms: Ideas are being exchanged, but nothing is set in stone. Success hinges entirely on subsequent negotiations.

The primary reason for this urgent clarification is straightforward: JAC Motors' stock price has skyrocketed to absurd levels!

The numbers don't lie: From September 28th to 30th, in just three trading days, the company's stock price deviation exceeded 20%, triggering abnormal fluctuation alerts.

Source: Futu APP

This marks JAC Motors' second abnormal fluctuation announcement in half a month, following one on September 23rd. From September 11th to September 30th, in less than 20 days, JAC Motors' stock price has surged by over 42%.

The capital markets have fully embraced these "crazy bets," prematurely pricing in the potential benefits of a 'Huawei + Maserati' alliance.

Source: Weibo

Faced with this surge, JAC Motors stated bluntly: Daily operations remain normal, no major undisclosed developments exist, and the stock price increase is purely driven by market speculation.

02 The Backstory: What's Behind the 'MaJie' Buzz?

Many may still be unclear about the nature of this collaboration, which has sent shockwaves through the automotive industry and sent investors into a frenzy.

The initial report came from Milano Finanza, Italy's authoritative financial media outlet. In early September, it reported that Maserati, a century-old ultra-luxury brand, was engaged in high-level negotiations with Huawei and JAC Motors to establish a long-term, in-depth industrial partnership, with substantial progress already made.

It's crucial to note that Maserati is a global luxury icon, known for its 'Trident' emblem. Traditionally, technology flowed from foreign shores to China, but here, a European luxury brand is embracing Chinese technology—a reversal that sparked widespread online discussion.

Industry leaks suggest this tripartite cooperation is groundbreaking:

Huawei's Role: Providing core technology, including its mature HarmonyOS smart cockpit, advanced autonomous driving systems, and a comprehensive suite of three-electric (battery, motor, electronic control) hardware and software solutions. This addresses Maserati's key weaknesses in electrification and intelligence.

JAC Motors' Role: Leveraging its high-end Zunjie manufacturing facility for vehicle R&D, production, and quality control, adhering to luxury vehicle standards.

Maserati's Role: Contributing its century-old luxury brand heritage, design expertise, and established global sales network.

The most explosive aspect is the rumored 'dual-brand strategy,' with netizens dubbing the project 'MaJie':

Jointly developed models would be sold under the Zunjie brand in China and bear the Maserati Trident emblem overseas!

Internally, the focus would be on Huawei and JAC Motors' ultra-luxury Zunjie brand, targeting the high-end Chinese market. Externally, it would leverage Maserati's global recognition to sell Chinese-made high-end electric vehicles worldwide.

Reports also indicate that prototype vehicles have entered the industrial design phase. If negotiations proceed smoothly, mass production could commence as early as late 2027.

It's this highly imaginative plan that has the capital markets betting big, driving JAC Motors' stock price upward.

03 Beyond Speculation: JAC Motors' Financial Health

Many wonder: With such a dramatic stock surge, what's the real state of JAC Motors' operations?

The truth: The company is still incurring losses, but the situation is improving, with clear signs of a turnaround.

According to its 2026 interim report, JAC Motors' first-half revenue reached RMB 22.13 billion, up 14.31% year-on-year from RMB 19.36 billion in the same period last year, indicating robust growth.

Profitability remains under pressure, with a net loss attributable to shareholders of RMB 749 million. However, this represents a RMB 24 million improvement from the RMB 773 million loss in the same period last year.

Source: Video Account

In summary: Revenue is growing steadily, losses are narrowing, and the company is emerging from its operational slump, showing signs of recovery.

The key factor supporting long-term market expectations remains the high-end Zunjie brand, deeply tied to Huawei.

Source: Zunjie Launch Event

Previously, Yu Chengdong publicly stated that Zunjie's positioning and prestige far exceed those of Maybach and Rolls-Royce Phantom, representing the pinnacle of HarmonyOS Intelligent Mobility's luxury lineup.

The chairman of JAC Group also declared that JAC Motors would firmly embrace Huawei's support, continue to cultivate the ultra-luxury segment, and subsequently enrich the Zunjie product matrix to cover multiple niche markets, such as SUVs and sporty luxury models.

Source: Yiche APP

Meanwhile, Huawei has finalized its strategic layout, with HarmonyOS Intelligent Mobility focusing on four major brands: Luxeed, Enjoyment, Zunjie, and Shangjie. Zunjie's high-end positioning remains irreplaceable.

Should this Maserati cooperation materialize, the Zunjie factory would expand beyond the domestic market, accepting orders from international luxury brands and opening up new growth avenues for high-end overseas expansion. This is the core logic driving market sentiment.

Source: Weibo

04 A Paradigm Shift: Chinese Automakers Export Technology

Beyond stock speculation, the true significance of this tripartite cooperation extends far beyond luxury electric vehicles.

For decades, Sino-foreign automotive collaborations followed a familiar pattern: foreign companies provided technology and models, while China offered markets and production lines—the so-called "market-for-technology" approach.

But this time, the dynamics have flipped!

Maserati, a century-old European luxury brand lacking intelligent and electric vehicle technologies, has taken the initiative to seek cooperation. Huawei, with its cutting-edge intelligent electric vehicle tech stack, has become the core technology provider. JAC Motors, with its high-end manufacturing capabilities, meets global demand for luxury vehicle production.

Chinese technology and intellectual property are now empowering top-tier global luxury automakers—a scenario once deemed unimaginable.

However, a rational perspective is essential: Intent does not guarantee implementation, and negotiations do not equate to signed agreements.

Multinational automaker negotiations involve countless issues, including brand competition, technology licensing, profit distribution, and regional policies, all introducing significant uncertainties. JAC Motors has emphasized that subsequent progress remains highly uncertain.

The current market surge has already priced in most potential benefits. If negotiations falter, the cooperation plan shrinks, or even terminates, the stock price is likely to face a sharp correction.

In Conclusion

The 'MaJie' saga involving Huawei, JAC Motors, and Maserati is undeniably a landmark event in China's automotive industry upgrade.

From imitation to technology export, from domestic production to empowering global luxury brands, the high-end globalization path of China's new energy vehicles is becoming a reality.

Yet, capital markets thrive on expectations, and after the excitement, delivery on the ground is essential.

Going forward, two key points merit attention: whether the three parties can officially sign and implement the agreement, and whether the rumored dual-brand model and 2027 mass production plan can be delivered as scheduled.

Whether this highly anticipated luxury crossover cooperation represents an industry windfall or just short-term speculation will be answered by time.

Interactive Topic: Are you optimistic about the tripartite cooperation between Huawei, JAC Motors, and Maserati? Can the dual-brand model—domestic Zunjie and overseas Maserati—succeed in the luxury electric vehicle market? Share your thoughts in the comments!

Disclaimer: This article is a commentary on major industry financial news and does not constitute investment advice. Corporate data and regulatory events mentioned herein are derived from publicly available information and are for reference only, subject to official releases. Image sources are from the internet; if there are any copyright issues, please contact us for removal.