SERES to acquire 10% stake in Huawei's Yinwang

Beijing (Gasgoo)- On August 23, 2024, Chinese automaker SERES Group and ICT giant Huawei inked an agreement to strengthen their strategic partnership. During the event, SERES Group announced an investment in Huawei’s Shenzhen Yinwang Intelligent Technology Co., Ltd., acquiring a 10% stake in the company.

Signing ceremony; photo credit: SERES

This investment will see SERES join forces with Huawei and other strategic partners to support Yinwang's future development.

Zhang Xinghai, Chairman and Founder of SERES Group, emphasized the importance of this collaboration, stating, "SERES is committed to its cross-industry cooperation with Huawei, which has already yielded impressive results. The AITO new energy vehicel series, co-developed by SERES and Huawei, continues to break industry records and has been well-received by consumers and the market alike. This investment in Yinwang signifies the evolution of our partnership with Huawei into a comprehensive 'business + equity' collaboration, setting a new starting point for sustainable growth. SERES will steadfastly support Yinwang in becoming an open platform for intelligent automotive solutions, aiming to achieve an annual production and sales volume of one million AITO vehicles within three years."

Huawei’s Executive Director, Chairman of the Board of Directors of the Consumer BG, Chairman of the Board of Directors of the Intelligent Automotive Solution BU, Yu Chengdong, highlighted the significance of this partnership, noting, "Yinwang integrates many of Huawei’s core intelligent automotive technologies. Huawei will fully support Yinwang in maintaining its industry leadership and aiding the automotive sector’s intelligent transformation. This collaboration further deepens the ties between Huawei and SERES, with plans to continuously elevate the AITO brand and introduce more new products in the future."