Gasgoo Daily: Chinese automaker SERES debuts on main board of HKEX
With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information.
On November 5, 2025, Horizon Robotics announced that CARIZON, its joint venture with Volkswagen Group China's software subsidiary CARIAD, will independently design and develop system-level computing platforms in China to support Volkswagen's R&D for ADAS (advanced driver-assistance systems) and autonomous driving technologies.
Horizon Robotics will provide expertise in hardware–software integration, high-performance computing, and mass production to advance system innovation.
Volkswagen and Horizon Robotics began their partnership in 2022, forming CARIZON in November 2023. Their collaboration expanded in April 2025, centered on Horizon SuperDrive™ (HSD), an all-scenario driver-assistance solution.
The new collaboration phase focuses on "deep co-creation", jointly defining next-generation computing architectures for intelligent connected vehicles.
The new platform will combine Volkswagen's global systems engineering experience with Horizon Robotics' localized production capabilities, serving as the "intelligent brain" of Volkswagen's next-gen vehicles in China.
Designed for intelligent efficiency, it optimizes computing power, energy consumption, and reliability, enhancing safety and scalability of Volkswagen's ADAS in China.
The first localized ADAS solution from CARIZON is scheduled for mass production in 2025, concluding the first R&D phase and initiating the second stage focused on end-to-end intelligent driving commercialization.
Chinese automaker SERES debuts on main board of HKEX
On November 5, 2025, SERES officially listed on the main board of the Hong Kong Exchanges and Clearing Limited, marking a key milestone in its global capital expansion.
SERES issued 108.619 million shares, including 10.8619 million H-shares for public offering in Hong Kong (oversubscribed 132 times) and 97.7571 million shares for international placement (oversubscribed 8.6 times).
The IPO raised HK$14.283 billion (≈RMB 13.098 billion), with net proceeds of HK$14.016 billion (≈RMB 12.853 billion).
Around 70% of funds will be allocated to R&D, focusing on smart cockpit, driver-assistance technologies, powertrain systems, and next-generation vehicle innovations.
SERES reported a strong recovery in 2024, with revenue rising from RMB 35.789 billion (2023) to RMB 145.113 billion (2024) — a 305.47% YoY increase — and net profit reaching RMB 5.946 billion, reversing previous losses.
In H1 2025, revenue totaled RMB 62.359 billion (down 4.1% YoY), while net profit rose 81.25% YoY to RMB 2.941 billion.
Gross margin increased from 7.2% (2023) to 23.8% (2024), further improving to 26.5% in H1 2025.
SERES sold 497,000 vehicles in 2024, nearly doubling from 252,300 in 2023. In H1 2025, it sold 198,600 vehicles, including 172,100 NEVs.
The company credited its turnaround to AITO-branded models co-developed with Huawei, which accounted for 76.5% of total sales in H1 2025 and over 90% of revenue.
AITO’s contribution to revenue rose from RMB 20.519 billion (2022) → RMB 24.308 billion (2023) → RMB 131.907 billion (2024) → RMB 56.282 billion (H1 2025).
SERES emphasized that its partnership with Huawei remains strategically critical, forming the backbone of its profitability and technological innovation roadmap.
Pony.ai launches Gen-7 Robotaxi fleet in Guangzhou and Shenzhen
On November 5, 2025, Pony.ai officially launched its Gen-7 Robotaxi fleet into commercial operation in Guangzhou and Shenzhen, according to the company’s WeChat announcement.
The fleet includes upgraded vehicles based on the ARCFOX Alpha T5 and 2nd-generation AION V models. Passengers can book rides through the "Pony.ai" mobile app or mini program.
Following its global debut in April 2025 and public road testing in June, the Gen-7 Robotaxi transitioned from prototype to operation within six months.
Pony.ai aims to deploy 1,000 autonomous vehicles by the end of 2025.
The new Robotaxi is 70% more cost-efficient than its predecessor and designed for a lifespan of 600,000 km, featuring automotive-grade components.
Prior to launch, the fleet completed 3.5 million km of public road testing and underwent extensive durability, temperature, and environmental tests.
Equipped with 34 sensors (including 9 LiDARs, 14 cameras, and 4 millimeter-wave radars), the system delivers 360° perception and 650-meter detection range.
The suite includes self-developed cleaning systems to ensure performance in adverse weather such as rain, fog, and snow.
Safety features include over 20 redundancy mechanisms, 1,000 monitoring protocols, and a physical SOS button for emergency assistance.
The new design introduces Bluetooth-based passenger recognition, customizable LED displays, and a human-centered cabin experience integrating air conditioning control, trip info, and music.
Comfort and motion stability have been optimized using world model and virtual driver technology, minimizing motion sickness and achieving smoother, more natural driving.
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