SERES to invest in Huawei’s automotive intelligent driving systems, components subsidiary

Beijing (Gasgoo)- On July 28, SERES, the automaker behind the smart new energy vehicle brand AITO, announced its intention to invest in Shenzhen Yinwang Intelligent Technology Co., Ltd. (“Shenzhen Yinwang”), which is a wholly-owned automotive intelligent driving systems and components subsidiary of Huawei Technologies Co., Ltd.

According to the announcement, SERES has initiated discussions with Shenzhen Yinwang and its shareholders to join the investment. The goal is to support Shenzhen Yinwang in becoming a world-class leader in automotive intelligent driving systems and components and to develop it into an open platform serving the automotive industry. The specific investment amount, transaction method, and price will be finalized upon the signing of the final transaction documents. Upon completion of the transaction, Shenzhen Yinwang will become an associate company of SERES, without affecting SERES' consolidated financial statements.

Established on January 16 of this year, Shenzhen Yinwang is a new company formed by Huawei's Intelligent Automotive Solutions BU, and is located at Huawei's headquarters in Shenzhen's Longgang District. The company integrates the BU's technologies and resources, aiming to become a diversified and open technology platform. Its business scope includes the development, design, production, sales, and service of automotive intelligent systems and components, including intelligent driving solutions, intelligent cockpits, smart vehicle control, smart vehicle cloud, and in-car optics.

Previously, Changan Automobile signed a memorandum of investment cooperation with Huawei, intending to become a strategic partner and shareholder in Shenzhen Yinwang. The final transaction documents are expected to be signed no later than August 31 this year.