Seres to Join Huawei Smart Car Unit After Changan

Seres, with Huawei's support, co-created the AITO electric vehicle brand. This partnership boosted Seres from selling under 1,000 EVs annually to over 40,000 monthly. In Q1 2024, Seres finally reported a profit after two years of losses.

On the evening of July 28, Huawei's Smart Car Unit leader Yu Chengdong and Seres Automotive Chairman Zhang Xinghai met in Chongqing. The next day, Yu attended the delivery of Seres's 400,000th AITO vehicle. Zhang praised their three years of close collaboration, while Yu called their partnership a model of cross-industry integration, saying, "The best is yet to come."

Yinwang's primary assets are derived from Huawei's Smart Car Solutions business unit and its optical product line. Huawei, aiming to attract major automakers, announced in January that it sought partners for Yinwang. Changan Automobile was the first to join. In November 2023, Seres received an investment invitation from Huawei and is currently engaged in discussions.

Despite significant R&D investments causing Huawei's Smart Car Unit to operate at a loss, sales growth from Seres and other partners is expected to improve its situation. 

In March, Yu Chengdong said at a forum that the Smart Car Unit was on the verge of breaking even and expected to achieve profitability starting in April. In July, the media reported that the unit had already made a profit in the year's first half.