Seres Group, one of Huawei's major partners in the automotive sector, is set to launch a new auto brand targeting the youth and sports-oriented markets. The project has received financial support from Chongqing local state capital and features deep involvement from ByteDance's Volcengine technology.
The legal entity of this new brand is Chongqing Saidou Technology Co Ltd, formerly known as Landian Technology Co Ltd under Seres Group. In a recent capital increase and share expansion round, the company secured about 6.67 billion yuan ($984 million) in funding.
Following the completion of registration changes, Shaci Zhiyuan, controlled by the State-owned Assets Supervision and Administration Commission of Chongqing's Shapingba district, became the largest shareholder with a 34.5% stake. Seres' stake in the entity dropped to 32.5%, meaning the business will be spun off from the listed company's financial statements.
The new brand plans to sell its products in both domestic and overseas markets, highlighting its focus on international markets. Volcengine, the cloud service platform under ByteDance, will play a key role in the new brand.
Seres has already set up dedicated marketing and channel teams for the new brand. The project falls under the global business department of Seres' overseas business unit, further emphasizing its commitment to expanding globally.
The new brand focuses on the smart passenger new energy vehicle (NEV) sector, planning to deeply integrate AI technology with the automotive industry. This will enable the creation of a differentiated product matrix with high intelligence and cost-effectiveness.
Launching the new brand is a significant step for Seres in seeking an independent growth path. Although the Aito brand, co-created with Huawei, has brought substantial development to Seres, the company's revenue and sales volume are highly dependent on it.
The first quarter of this year saw Seres achieve an operating revenue of 25.746 billion yuan, with net profit attributable to the listed company's shareholders reaching 754 million yuan. However, its NEV sales in the same period reached 78,500 units.
This new brand will be a crucial test for Seres' ability to adapt and innovate in the rapidly evolving EV market.
The new brand's focus on smart passenger NEVs and AI integration will be crucial in the EV market.
